Poll: How much individual disability insurance do you carry?

[childay]

Curious as to your coverage. Feel free to comment on coverage compared to current income etc.

[ObgynMD]

For surgeons who is willing to share, I’m curious to hear how much your annual premiums are for your coverage? Mine is $4500 a year for just over $10k/mo own occupation benefit.

Is it ever advised to circle back to your agent later to see if they can get you a better rate?

[childay]

For surgeons who is willing to share, I’m curious to hear how much your annual premiums are for your coverage? Mine is $4500 a year for just over $10k/mo own occupation benefit.

Is it ever advised to circle back to your agent later to see if they can get you a better rate?

My spouse's ~11k policy is ~$4300

[Scott at MD Financial Services]

For surgeons who is willing to share, I’m curious to hear how much your annual premiums are for your coverage? Mine is $4500 a year for just over $10k/mo own occupation benefit.

Is it ever advised to circle back to your agent later to see if they can get you a better rate?

Yes, things change so it never hurts to check. In addition, your needs change, an example might be in training or shortly thereafter maybe you needed a 90 day waiting period but now you could afford to wait 180 days, that could be another 16% discount for which you can put those premium dollars back in your pocket.

[TheDangerZone]

For surgeons who is willing to share, I’m curious to hear how much your annual premiums are for your coverage? Mine is $4500 a year for just over $10k/mo own occupation benefit.

Is it ever advised to circle back to your agent later to see if they can get you a better rate?

18k/mo for $6,500/yr. Own occupation.

[Jack_Sparrow]

$1900 for 5k a month with 180 day waiting period, option to buy another 3k/month coverage.

[MaxPower]

$19.5k benefit per month, own occupation with 90 day elimination period for ~$9k per year.

[VagabondMD]

Zippo, FI and working in Career 2.0

[runfast00]

Zero.
I have never had DI and 10 years into practice I don’t regret it. But I don’t advise other to do as I do.

[blippi]

Zero.
I have never had DI and 10 years into practice I don’t regret it. But I don’t advise other to do as I do.

well if you have at least 20k of an emergency fund, then you are self-insuring for a van down by the river with SWR for beans and ramen.

[Otolith]

10k month own occupation, $4300 year

[jayzsurgery]

$7.8k/year for $25k/month benefit

[TheDangerZone]

How does everyone take in to account their employer provided disability coverage? My approach has been to just ignore it, but that’s probably not wise either.

[Steven Podnos MD CFP]

We encourage the families we work with to envision a full disability during the planning process. Then to compare what coverage they need (considering taxation depending on whether premiums are paid pre or post tax) to :
maintain their expected lifestyle
save for future large needs (educational costs for children, etc.)
and the large amount of savings they need to have accumulated for when the insurance stops paying benefits (usually age 65).

For most physicians, they need to buy the maximal amount allowed until they have accumulated significant capital of their own. A good goal is to not need disability or life insurance before age 60 for most.

[FIREshrink]

I have a crappy Unum policy that pays $4000/mo and costs $1100 per year. But i was confident in early FI, and i knew my first employer offered an additional crappy Unum group policy for free, and with SS i felt adequately protected. Now that I'm FI I'm debating dropping it but i think karma argues no.